Project procurement management is the process to manage all acquisitions of product or services from outside your project team.

Project procurement management is the process to manage all acquisitions of product or services from outside your project team. Both, the seller and the buyer need to agree on a risk level for their engagement. This risk defines the type of contract that they will use. The contracts can go from Firm Fixed Price (all risk to seller) to Cost plus % of Cost (all risk to the buyer).

Questions related to contracts, cost management with vendors or contractors, and risk could be mark with procurement.

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